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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Refinance Now with Lendingtree! Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?

TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

Disclosure: We pay our reviewers and we are compensated for our reviews. Click here for details.

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING TREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit
Site

4 stars
Quicken Loans

QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans. Read More... Visit
Site

3 stars
The Easy Loan Site

THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit
Site

3 stars
Loan App

LOAN APP

In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit
Site

2 stars
Mortgage Search 123

MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit
Site

1 star
Lower My Bills

LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information. Read More... Visit
Site

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 

 

 

San Diego Real Estate Market Gets New Lending Professional To Help Homes For Sale Receive Mortgage Financing
Southern California mortgage consultant Kevin Leonard signs a new agreement with real estate agents in San Diego to provide home loan approvals for buyers. The new relationship was formed to assist Realtors in finding qualified buyers for homes for sale throughout the county.
Publication Date: January 29, 2015

Blue Home Loans Inc. Helps Prospective Orange County Home Buyers Take Advantage of Improving Housing Situation
Blue Home Loans, Inc. comments on the recent improvements in mortgage rates, loan options, and housing market in California, reported by the California Association of Realtors ®, and offers advice for prospective home buyers.
Publication Date: January 29, 2015

The Home Loan Arranger Offers No-Cost Consultation to Borrowers Qualified for Lower Interest Rates or Lower FHA Insurance Premiums
In response to a high increase in the number of mortgage refinance applications since the beginning of 2015, Jason M. Ruedy, who is also known as The Home Loan Arranger, is offering a no-cost consultation to any borrower who is qualified for a lower interest rate mortgage or a reduction in insurance premiums on an FHA loan
Publication Date: January 28, 2015

Twin Cities Housing Market Recovery Report by Home Destination
The Twin Cities Housing Market Recovery Report by Home Destination is complied from Northstar MLS data and both national and local real estate experts. Jenna Thuening, owner of Home Destination and a RE/MAX Results real estate agent serving the Minneapolis - St. Paul metropolitan area, summarized progress in housing's recovery over the last year.
Publication Date: January 27, 2015

American Capital Revitalization Group Is the West Coasts Top Rated Loan Modification Firm
American Capital Revitalization Group is America's most trusted loan modification company.
Publication Date: January 24, 2015

California Mortgage Rates Hold Surprisingly Steady After ECB News
Blue Home Loans, Inc. comments on the recent mortgage rate activity reported by Mortgage News Daily and offers some insight for California homeowners and prospective home buyers.
Publication Date: January 23, 2015

Pacific Union Financial, LLC's Statement on FHA Mortgage Insurance Premium Reduction
Pacific Union Financial, LLC's Distributed Retail branches are ready for FHA Mortgage Insurance Premium Reduction
Publication Date: January 22, 2015

Pacific Union Financial, LLC Ready for New FHA Loans Taking Advantage of Reduced FHA Mortgage Insurance Premium
Pacific Union prepared to support Wholesale and Correspondent Lending opportunities created by FHA Mortgage Insurance Premium Reduction.
Publication Date: January 22, 2015

California Mortgage Rates Consolidate Ahead of ECB Announcement
Blue Home Loans, Inc. comments on the recent mortgage rate activity reported by Mortgage News Daily, and offers some insight for California homeowners and prospective home buyers.
Publication Date: January 22, 2015

Accurate Mortgage Group takes advantage of FHA Streamline Refinance Program to reduce Mortgage Insurance Premiums and save thousands
New FHA regulations allows homeowners to refinance and reduce Mortgage Premium Insurance rates
Publication Date: January 22, 2015

RANLife Home Loans Shares News of Lowered FHA Annual Insurance Premiums
RANLife is responding to a recent announcement made by the U.S. Housing and Urban Development to lower annual insurance premiums on FHA Home Loans.
Publication Date: January 22, 2015

Mortgage Applications Growth Rises To Six-Year High
The Federal Savings Bank informs readers of how mortgage applications recently surged.
Publication Date: January 21, 2015

Average California Mortgage Rate Levels Just Slightly Lower At The Start Of Volatile Week
Blue Home Loans, Inc. comments on the recent mortgage rate trends reported by Mortgage News Daily and offers some insight for California homeowners and prospective home loan borrowers.
Publication Date: January 21, 2015

 

 

 

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